Menilai Dampak Penyaluran Likuiditas Pemerintah Tahun 2025 terhadap Stabilitas dan Keadilan Ekonomi:Perspektif Maqāṣid al-Syarī‘ah
Keywords:
liquidity policy, state-owned banks, maqāṣid al-syarī‘ah, Islamic finance, SMEs, financial intermediation
Abstract
This study evaluates the effectiveness of Indonesia’s 2025 liquidity injection of IDR 200 trillion into state-owned banks (Himbara) through the lens of Islamic economics and maqāṣid al-syarī‘ah. Using a qualitative–descriptive method based on library research, the study examines whether the policy has succeeded in promoting productive financial intermediation, economic stability, and just liquidity distribution. Data were drawn from Bank Indonesia, the Ministry of Finance, the Financial Services Authority (OJK), and peer-reviewed publications indexed in SINTA and Scopus.Findings reveal that as of October 2025, 84% of the injected funds had been disbursed, but only 18–22% were channeled to SMEs, far below the 37% allocation during the 2020 PEN stimulus. Moreover, 30–40% of the liquidity was placed in money market instruments and government securities rather than real-sector financing. Credit growth slowed from 7.7% (September) to 7.36% (October 2025), indicating weak transmission and raising concerns about moral hazard when liquidity strengthens bank reserves without productive allocation. Thus, integrating the liquidity program with productive financing schemes, Islamic financial inclusion, and robust Sharia governance is essential to align the policy with maqāṣid al-syarī‘ah.
References
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Maulidar, A., & Majid, M. S. Abd. (2020). Do Good Corporate Governance and Financing Risk Management Matter for Islamic Banks’ Performance in Indonesia? ETIKONOMI, 19(2), 169–184. https://doi.org/10.15408/etk.v19i2.15080
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Mohieldin, M., Iqbal, Z., Rostom, A., & Fu, X. (2011). The Role of Islamic Finance in Enhancing Financial Inclusion in Organization of Islamic Cooperation (OIC) Countries. World Bank. https://doi.org/10.1596/1813-9450-5920
Observer Indonesia. (2025). Government Injects Rp200 Trillion into State-Owned Banks. . Https://Observerid.Com.
Pham, S. D., Nguyen, T. T. T., Do, H. X., & Vo, X. V. (2023a). Portfolio diversification during the COVID-19 pandemic: Do vaccinations matter? Journal of Financial Stability, 65, 101118. https://doi.org/10.1016/j.jfs.2023.101118
Ponziani, R. M., & Mariyanti, T. (2020). Islamic Bank and Monetary Policy: The Case of Indonesia. International Journal of Islamic Economics and Finance (IJIEF), 3(1). https://doi.org/10.18196/ijief.2124
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Republika. (2025). Rp200 T Diguyur ke Lima Bank Himbara. https://www.republika.id/posts/58999.
Rokhim, R., & Wulandary, N. (2018). Pengaruh Penjaminan Simpanan, Car, Dan Npl Pada Tingkat Deposit, Risiko Moral Hazard, Dan Nim. Ekuitas (Jurnal Ekonomi Dan Keuangan), 17(4), 468–485. https://doi.org/10.24034/j25485024.y2013.v17.i4.115
Saddam, S. Z., Jaafar, M. N., Muhamat, A. A., Nizam, N. S. M., & Halim, N. A. (2024). Determinants of Islamic Banks’ Stability in Malaysia and Indonesia. The Indonesian Capital Market Review, 16(1), 17–29. https://doi.org/10.21002/icmr.v16i1.1193
Siddiqi, M. N. (1983). Banking Without Interest. Leicester: . The Islamic Foundation.
Sifa, M. A., & Rikantasari, S. (2024). Restrukturisasi Produk Pembiayaan Musharakah Mutanaqishah Di Bank Syariah Indonesia Dalam Etika Manajemen Koperasi Berbasis Syariah. Journal of Islamic Banking, 5(2), 31-45.
Subekti, rahayu. (2025, November 21). Mengapa Kredit Masih Lambat Meski Purbaya Sudah Gelontorkan Rp 200 T ke Bank? . Katadata.Com.
Suciningtias, S. A. (2017). Indikasi Moral Hazard Pada Pembiayaan Mudharabah Dan Murabahah Pada Bank Umum Syariah Di Indonesia. Jurnal Dinamika Ekonomi Dan BIsnis, Vo.14.
Sukardi, B., Fachrurazi, F., & Supriyanto, S. (2019). Sharia Maqashid’s Inclusive Performance and Contribution to The Sharia Non-Bank Financial Industry in Indonesia. Economica: Jurnal Ekonomi Islam, 10(2), 283–310 . https://doi.org/10.21580/economica.2019.10.2.4325
TAG EL-DIN, S. (1992). Debt and Equity in a Primary Financial Market: A Theory with Islamic Implications. Journal of King Abdulaziz University-Islamic Economics, 4(1), 3–33. https://doi.org/10.4197/islec.4-1.1
Umar, M., & Sun, G. (2016). Non-performing loans (NPLs), liquidity creation, and moral hazard: Case of Chinese banks. China Finance and Economic Review, 4(1), 10. https://doi.org/10.1186/s40589-016-0034-y
Vinod, H. D. (2024). Portfolio choice algorithms, including exact stochastic dominance. Journal of Financial Stability, 70, 101196. https://doi.org/10.1016/j.jfs.2023.101196
Wang, J., Liu, S., & Yang, H. (2022). Institutional investor’ proportions and inactive trading. International Review of Financial Analysis, 82, 102207. https://doi.org/10.1016/j.irfa.2022.102207
Wasyith, W. (2017). Beyond Banking: Revitalisasi Maqāṣid dalam Perbankan Syariah. Economica: Jurnal Ekonomi Islam, 8(1), 1–25. https://doi.org/10.21580/economica.2017.8.1.1823
Wibaskoro, A. (2025). Indonesia’s January 2025 Deflation: What It Means for You. Invest Indonesia.
Al Rahahleh, N., Ishaq Bhatti, M., & Najuna Misman, F. (2019). Developments in Risk Management in Islamic Finance: A Review. Journal of Risk and Financial Management, 12(1), 37. https://doi.org/10.3390/jrfm12010037
Amal, M. R. H., & Muhammadi, F. (2022). Reposition of Ta’zir and Ta’wid on Moral Hazard Behavior in Islamic Banking in Indonesia. Jurnal Hukum Novelty, 13(1), 38. https://doi.org/10.26555/novelty.v13i1.a21505
Antara News. (2025). Injeksi Rp200 T ke Himbara Bantu Tekan Cost of Fund. . Https://Www.Antaranews.Com.
Azhar Rosly, S., & Ashadi Mohd. Zaini, M. (2008). Risk‐return analysis of Islamic banks’ investment deposits and shareholders’ fund. Managerial Finance, 34(10), 695–707. https://doi.org/10.1108/03074350810891010
Bank Indonesia. (2025a). Laporan Perkembangan Likuiditas Perbankan Juni 2025. Https://Www.Bi.Go.Id.
Bank Indonesia. (2025b). Uang Beredar dan Faktro yang mempengaruhinya Juni.
Belouafi, A., Bourakba, C., & Saci, K. (2015). Islamic Finance and Financial Stability: A Review of the Literature? Journal of King Abdulaziz University-Islamic Economics, 28(2). https://doi.org/10.4197/Islec.28-2.1
Budiandru, B. (2021). Default Risk on Islamic Banking in Indonesia. Journal of Economics, Business, & Accountancy Ventura, 24(1), 49–62. https://doi.org/10.14414/jebav.v24i1.2474
Business Indonesia. (2025). Rp112,4 Triliun Kredit Tersalurkan dari Dana Likuiditas Himbara. Https://Business-Indonesia.Org/News.
Chapra, U. (1992). Islam and the Economic Challenge. The Islamic Foundation.
Demirgüç-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2022). The Global Findex Database 2021. The World Bank. https://doi.org/10.1596/978-1-4648-1897-4
Dusuki, A. W. (2013). معالم تربوية في الفكر الحضاري عند مالك بن النبي. مجلة جيل العلوم الإنسانية و الإجتماعية, 1, 9–23. https://doi.org/10.12816/0002726
Dusuki, A. W., & Abdullah, N. , &. (2007). The Ideal of Islamic Financial System: A Maqasid-Based Evaluation. . Humanomics, 24(1).
Ekaptiningrum, K. (2025). Ekonom FEB UGM Sebut Paket Insentif Ekonomi Penting untuk Dorong Pertumbuhan Ekonomi. Fakultas Ekonomika Dan Bisnis UGM.
Fahamsyah, M. H., Laila, N., Rakhmat, A. S., & Shabbir, M. S. (2023). Profit-Loss Sharing in Islamic Banking: Global Insights from a Systematic Review. Economica: Jurnal Ekonomi Islam, 14(2), 175–203. https://doi.org/10.21580/economica.2023.14.2.26021
Haq, M., Srivastava, N., & Wang, Z. (2025). Bank capital and liquidity risk: Influence of crisis and regulatory intervention. Review of Quantitative Finance and Accounting. https://doi.org/10.1007/s11156-025-01433-1
Indonesia Investments. (2025). Electricity Discounts Cause Deflation in February. Https://Www.Indonesia-Investments.Com/.
Iqbal, Z., & Mirakhor, A. (2011). An introduction to Islamic finance: Theory and practice. John Wiley & Sons.
Jelita, I. N. (2025, August 8). Hampir 1 Juta Pekerja Indonesia Terkena PHK, Industri Tekstil Paling Banyak. MetrotvNews.
Kamla, R., Gallhofer, S., & Haslam, J. (2008). Handbook of Islamic Banking. The British Accounting Review, 40(1), 89–91. https://doi.org/10.1016/j.bar.2007.09.003
Kemenkeu. (2025a). Pemerintah Hari Ini Salurkan Dana Rp200 Triliun ke Lima Bank Himbara. . Https://Www.Kemenkeu.Go.Id.
Kemenkeu. (2025b). Pernyataan Pers tentang Likuiditas Bank Himbara. Kementrian Keuangan Republik Indonesia.
Lin, X.-W., Zhou, Z.-F., Zhu, X.-G., Chen, B., Zhu, H., Ben, N.-Y., Wang, X.-D., & Xu, W.-W. (2023). Non-uniform thermal characteristics investigation of three-dimensional electrochemical-thermal coupled model for pouch lithium-ion battery. Journal of Cleaner Production, 417, 137912. https://doi.org/10.1016/j.jclepro.2023.137912
Marpaung, M., & Lubis, I. S. (2025). Integration Between the Sharia Maqasid Principles and the Sustainable Development Goals (SDGs). Inisiatif: Jurnal Ekonomi, Akuntansi Dan Manajemen, 4(2), 338–346. https://doi.org/10.30640/inisiatif.v4i2.3960
Maulidar, A., & Majid, M. S. Abd. (2020). Do Good Corporate Governance and Financing Risk Management Matter for Islamic Banks’ Performance in Indonesia? ETIKONOMI, 19(2), 169–184. https://doi.org/10.15408/etk.v19i2.15080
Mishkin, F. S. (2019). The Economics of Money, Banking, and Financial Markets. Pearson Education.
Mohamed, H. (2025). Sukuk and Sustainability. In Islamic Finance and Sustainability (pp. 465–486). Routledge. https://doi.org/10.4324/9781003518617-24
Mohieldin, M., Iqbal, Z., Rostom, A., & Fu, X. (2011). The Role of Islamic Finance in Enhancing Financial Inclusion in Organization of Islamic Cooperation (OIC) Countries. World Bank. https://doi.org/10.1596/1813-9450-5920
Observer Indonesia. (2025). Government Injects Rp200 Trillion into State-Owned Banks. . Https://Observerid.Com.
Pham, S. D., Nguyen, T. T. T., Do, H. X., & Vo, X. V. (2023a). Portfolio diversification during the COVID-19 pandemic: Do vaccinations matter? Journal of Financial Stability, 65, 101118. https://doi.org/10.1016/j.jfs.2023.101118
Ponziani, R. M., & Mariyanti, T. (2020). Islamic Bank and Monetary Policy: The Case of Indonesia. International Journal of Islamic Economics and Finance (IJIEF), 3(1). https://doi.org/10.18196/ijief.2124
Putri, K. U. J. (2025, May 29). Data industri tekstil Indonesia: panduan lengkap. Https://Id.Techinasia.Com/.
Republika. (2025). Rp200 T Diguyur ke Lima Bank Himbara. https://www.republika.id/posts/58999.
Rokhim, R., & Wulandary, N. (2018). Pengaruh Penjaminan Simpanan, Car, Dan Npl Pada Tingkat Deposit, Risiko Moral Hazard, Dan Nim. Ekuitas (Jurnal Ekonomi Dan Keuangan), 17(4), 468–485. https://doi.org/10.24034/j25485024.y2013.v17.i4.115
Saddam, S. Z., Jaafar, M. N., Muhamat, A. A., Nizam, N. S. M., & Halim, N. A. (2024). Determinants of Islamic Banks’ Stability in Malaysia and Indonesia. The Indonesian Capital Market Review, 16(1), 17–29. https://doi.org/10.21002/icmr.v16i1.1193
Siddiqi, M. N. (1983). Banking Without Interest. Leicester: . The Islamic Foundation.
Sifa, M. A., & Rikantasari, S. (2024). Restrukturisasi Produk Pembiayaan Musharakah Mutanaqishah Di Bank Syariah Indonesia Dalam Etika Manajemen Koperasi Berbasis Syariah. Journal of Islamic Banking, 5(2), 31-45.
Subekti, rahayu. (2025, November 21). Mengapa Kredit Masih Lambat Meski Purbaya Sudah Gelontorkan Rp 200 T ke Bank? . Katadata.Com.
Suciningtias, S. A. (2017). Indikasi Moral Hazard Pada Pembiayaan Mudharabah Dan Murabahah Pada Bank Umum Syariah Di Indonesia. Jurnal Dinamika Ekonomi Dan BIsnis, Vo.14.
Sukardi, B., Fachrurazi, F., & Supriyanto, S. (2019). Sharia Maqashid’s Inclusive Performance and Contribution to The Sharia Non-Bank Financial Industry in Indonesia. Economica: Jurnal Ekonomi Islam, 10(2), 283–310 . https://doi.org/10.21580/economica.2019.10.2.4325
TAG EL-DIN, S. (1992). Debt and Equity in a Primary Financial Market: A Theory with Islamic Implications. Journal of King Abdulaziz University-Islamic Economics, 4(1), 3–33. https://doi.org/10.4197/islec.4-1.1
Umar, M., & Sun, G. (2016). Non-performing loans (NPLs), liquidity creation, and moral hazard: Case of Chinese banks. China Finance and Economic Review, 4(1), 10. https://doi.org/10.1186/s40589-016-0034-y
Vinod, H. D. (2024). Portfolio choice algorithms, including exact stochastic dominance. Journal of Financial Stability, 70, 101196. https://doi.org/10.1016/j.jfs.2023.101196
Wang, J., Liu, S., & Yang, H. (2022). Institutional investor’ proportions and inactive trading. International Review of Financial Analysis, 82, 102207. https://doi.org/10.1016/j.irfa.2022.102207
Wasyith, W. (2017). Beyond Banking: Revitalisasi Maqāṣid dalam Perbankan Syariah. Economica: Jurnal Ekonomi Islam, 8(1), 1–25. https://doi.org/10.21580/economica.2017.8.1.1823
Wibaskoro, A. (2025). Indonesia’s January 2025 Deflation: What It Means for You. Invest Indonesia.
Published
2026-01-05
How to Cite
Isnaeni, N., Harahap, A., Fauzia, D., & Fajri, R. (2026, January 5). Menilai Dampak Penyaluran Likuiditas Pemerintah Tahun 2025 terhadap Stabilitas dan Keadilan Ekonomi:Perspektif Maqāṣid al-Syarī‘ah. JOURNAL OF SHARIA ECONOMICS, 7(2), 183-204. https://doi.org/https://doi.org/10.35896/jse.v7i2.1274
Section
Articles
